So today, it was bank account day. The last time I opened a bank account was with NatWest.
I was about eight years old. In those days you were given a Nathaniel Pig money box. Once you saved over a certain amount of money, you were given another pig (no, I can’t remember all of the names) and eventually you ended up owning a whole little family of piggy money boxes, which apparently now, are worth a fortune.
Alas, owing to my inability to save money, I never made it past Nathaniel.
Because I am now a company director and soon to be property tycoon and thus financially savvy, I felt I would invest a little time researching into which bank is going to give me the best deal (by this I mean welcome gift).
If they were doing money boxes 30 years ago, perhaps now, one could expect to receive, I don’t know, an iPad or something. So I felt it would be worth doing a bit of research to see what I can snaffle.
Well, that was an eye opener!
When it comes to a business bank account (which I need for my limited company), the worm has done a U-turn of gargantuan proportions.
You get charged for EVERYTHING: Direct debits, writing a cheque, breathing, Oh! and my personal favourite – 0.5% charge on cash paid in or taken out. Hell, you have to pay for the privilege of having the damn thing, even if it’s sat there doing nothing. And…. AND no welcome gift. Rubbish.
So I have had a look at moneysupermarket.com and moneysavingexpert.com and aside from being bored senseless, I am genuinely confused with who charges what and when.
So I have reverted back to doing what I do best – justifying my laziness.
On the basis that transactions through my account should be minimal – rent in, mortgage payment out (Oh Ho! Ho! Ho! Like it’s going to be THAT simple), the transaction fees are going to be nominal and so it’s not actually going to make much difference who I go with.
And there just so happens to be a NatWest branch in spitting distance from the office and you can register online…… so it’s the path of least resistance for me.
I think that’s enough business bank stuff for now. I will register the account tomorrow… Sound familiar?!?!?!
In other news, I have just found out that the vendor hasn't yet provided the selling agent with solicitors’ details. Why? Because they haven’t yet appointed a solicitor. Brilliant. We have until 31st March Mr Vendor and you have spent the whole of the last week doing… NOTHING. *taps toe*
Mortgage update due tomorrow. I may need to find myself a mortgage broker.
Diary of a Buy to Let Purchase
2.12.2015 Part 1 It was that or a Range Rover
7.12.2015 Part 4 Call off the dogs...
8.12.2015 Part 5 @***** bank account
21.12.2015 Part 7 - Reality bites...
29.12.2015 Part 8 - The method behind the madness
12.01.2016 Part 9 - Join me in a buy to let fist pump?
25.01.2016 Part 10 - The silence is deafening
16.02.2016 Part 11 - Throwing toys out of prams
23.02.2016 Part 12 - Stuck with the Mini... for now
3.03.2016 Part 13 - Time is running out
14.03.2016 Part 14 - The end of my sad little tale...
30.03.2016 Part 15 - Just call me Peggy
You might also be interested in:
27.07.2015 Buy to let - from personal to limited company ownership
Prior to now, when asked by clients whether buy to let properties should be bought in their own names or whether they should use a limited company we have always said “it all depends”. Well the Summer Budget 2015 has altered everything and whilst the answer is still “it all depends”, the balance has shifted markedly in favour of limited companies.
11.11.2015 Setting up an SPV Limited Company
Buy to let lenders which offer mortgages to limited companies usually require the limited company to be an SPV (Special Purpose Vehicle). Jeni explains what one is and how to get one.
26.11.2015 February will be too late
What does the 3% stamp duty surcharge mean for landlords looking to finance buy to let property? Steve Olejnik gives his opinion and shines some light on possible routes forward.
26.11.2015 George hits buy to lets with 3% stamp duty surcharge
David Whittaker, MD at Mortgages for Business looks at the effects of the 3% stamp duty surcharge on buy to let properties and the restrictions of mortgage interest relief on landlords' portfolios. In essence his advice is to act now and not to wait until the new year.